33 Steps REALTORs® do to complete a Purchase

 

33 Steps REALTORs® do in order to complete a purchase residential sale from start to finish. That’s right there’s at least 33 steps. Never say no one told you so. You curious on what it is WE do to earn our commission, well here it is.  For us REALTORs® this is nothing new, so please bare with me, you probably have your own methods of how you do it but it’s usually all the same. 

I primarily work as a Buyers agent, however there are times when I do represent a seller and that my dear, the tasks are different, so please pay attention because its a lot, but I thought it was necessary that its put out there. These are steps to a regular purchase sale, NOT if it is a Short Sale or REO purchase. There is even MORE we have to do.  In real estate,TIME is of the essence so we have a time limit on when certain tasks MUST be completed. In a later blog I’ll address that and am willing to take it even further. I will tell you just how MUCH time it takes and equate that into $ for you. For my peers, if I leave anything out I need for you to jump in and add anything that you feel is important or relevant to this transaction. I’m sure I’m leaving SOMETHING out...

 

1.   Phone and Email consult

 

2.  Client Meet/Exclusive Representation

 (Narrow down clients needs/wants, discuss expectations, company/client responsibilities and MY working hours. Buyers agreement is signed (I allow you to determine the timeframe, whether it is 1 hr or 1 day, that is totally up to the prospective client. Discuss and recommend title companies/home inspectors)  

 

2a. Deposit Retainer Check

(Yes, I do collect a retainer fee. Once the transaction is closed my company refunds it.  We don’t settle, I keep it)

 

3. Lender Consult, receive preapproval 

 

4. Schedule search review

 

4a. Schedule Showings (I only show 3 properties at one time)

 

4b. Setup automated custom searches

 

5. Submit offer along with EMD, Contract negotiated and accepted 

 

6. Ratified contract received (all parties have signed and agreed to terms of contract)

 

6a. Deposit Earnest Money

 

7. Order home inspection (I highly recommend anyone purchasing a home to get one, whether it is new construction or not )

 

8.  Deliver contract to lender

 

8a.  Deliver contact to closing attorney (title company)

 

9.  Verify appraisal is ordered

 

9a.  Order HOA and Condo docs if applicable

 

10. Call Attorney make sure title is ordered

 

11.  Schedule settlement date and time

 

12. Call Lender - verify loan is processed

 

13. Home inspection completed

 

14. Termite Inspection completed

 

15.  Remind Homeowner to purchase hazard insurance

 

16.  Setup Home Warranty

 

17.  Update Buyer on contract status

 

18.  Call Lender for loan status

 

19.  Verify appraisal is completed

 

20.  Verify title is clear and survey is ordered

 

21.  Verify Lender has everything that is needed for loan approval 

 

22.  Call Lender for loan status (we call more than once...just so you know, matter of fact we call more than once on a lot of things)

 

23.  Send utility company information to buyer

 

24.  Verify HOA/condo docs are ordered/received

 

25.  Get copy of Well and Septic Report (if applicable)

 

26. Verify loan is OUT of underwriting

    

27.  Final lender verification/clear to close

 

27a.  Confirm settlement time and date

 

28.  Get Pre-settlement HUD-1

 

28a.  Buyer briefing for settlement (discuss draft HUD1-Settlement statement)

 

29. Final walkthrough ( I recommend final walkthrough is done day before settlement or on the way to)

 

30. Settlement/receive signed and final HUD-1/client survey received

 

31. Disburse Funds

 

32. Request Retainer Fee to purchaser

 

33.  Followup/ask for referral

 

So there... you have it.  

 

 

Serving all areas of Prince William, Fairfax, Stafford, Alexandria, Arlington and Spotyslvania Counties. Guiding you through the process of purchasing or selling residential property.                 

                                                                                                                   

 Cheryl Thomson, Realtor ® | 703.216.5635 | cheryl@buyercoach.com | Buyers Advantage Real Estate Corp | 4004 Genesee Place, Suite 113, Woodbridge, VA  22192